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HomeMy WebLinkAbout2001-102-08/21/2001-SUBMITTING A CITIZEN-INITIATED ORDINANCE TO A VOTE OF THE REGISTERED ELECTORS AT THE SPECIAL MUNICIP RESOLUTION 2001-102 OF THE COUNCIL OF THE CITY OF FORT COLLINS SUBMITTING A CITIZEN-INITIATED ORDINANCE TO A VOTE OF THE REGISTERED ELECTORS OF THE CITY AT THE SPECIAL MUNICIPAL ELECTION OF NOVEMBER 6, 2001 WHEREAS, under Article X, Section 1 of the Charter of the City of Fort Collins, the registered electors of the city have the power to propose a measure to the Council,and if the Council fails to adopt a measure so proposed,then to adopt or reject such ordinance or resolution at the polls; and WHEREAS, an initiative petition authorizing the issuance of sales and use tax revenue bonds,the proceeds of which shall be used to finance and/or refinance the costs of a new performing arts center has been submitted to the City,and the City Clerk has certified said petition as sufficient for submission of the initiated ordinance to a vote of the people at a special municipal election;and WHEREAS, the City Clerk has presented said petition to the City Council as provided in Article X, Section 5(f)(4) of the City Charter; and WHEREAS, under Article X, Section 1(e) of the City Charter, upon presentation of an initiative petition certified as to sufficiency by the City Clerk, the Council shall either adopt the citizen-initiated ordinance without alteration within thirty(30)days or submit said citizen-initiated ordinance in the form petitioned for, to the registered electors of the city at the next special municipal election to be held within one-hundred twenty (120) days, unless any other regular or special city election is to occur within said period, in which case the initiative measure shall be consolidated with such other election; and WHEREAS, in accordance with Article X, Section 20 of the constitution of the State of Colorado, the City Council is required to submit said citizen-initiated ordinance to a vote of the registered electors of the City; and WHEREAS, heretofore, the Council has called a special municipal election to be held on November 6, 2001 in conjunction with the Larimer County Coordinated Election. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That there is hereby submitted to the registered electors of the City of Fort Collins at the Special Municipal Election to be held on Tuesday,November 6,2001,the following proposed citizen-initiated ordinance: CITIZEN-INITIATED ORDINANCE NO. 2,2001 AUTHORIZING AN INCREASE IN CITY DEBT BY NOT MORE THAN$41,500,000 IN PRINCIPAL AMOUNT,WITH A REPAYMENT COST OF NOT MORE THAN$86,000,000 TOTAL PRINCIPAL AND INTEREST,BY THE ISSUANCE OF SALES AND USE TAX REVENUE BONDS, PAYABLE FROM THE CITY'S SALES AND USE TAXES AND OTHER LEGALLY-AVAILABLE FUNDS,THE PROCEEDS OF WHICH BONDS SHALL BE USED TO FINANCE AND/OR REFINANCE THE COSTS OF A NEW PERFORMING ARTS CENTER AND CERTAIN IMPROVEMENTS TO CSU PERFORMING ARTS FACILITIES TO PERMIT JOINT USE WITH THE CITY, IF APPROVED IN AN AGREEMENT BETWEEN THE CITY AND CSU WHEREAS, it has been twenty-seven years since the citizens of the City of Fort Collins("City")approved a one-cent tax for library,performing arts and museum capital projects;and WHEREAS,in the past twenty-two years,the population of the City has nearly doubled,and the current needs of the citizens of the City can no longer be met by the existing performing arts facilities;and WHEREAS, in 1997 the citizens of the City approved the extension of the Choices 95 Capital Projects Sales and Use Tax,which included funding for land acquisition and/or initial design of both a new performing arts center and a new main library;and WHEREAS,a group of private citizens has committed to raising$6,000,000 to fund a portion of the cost of a new performing arts center;and WHEREAS,in November of 2000,the City Council of the City("City Council")approved the siting of a new performing arts center on Block 31, City of Fort Collins;and WHEREAS, a proposed new performing arts center has been considered and endorsed by the Cultural Resources Board and the Lincoln Center Board; and WHEREAS, a proposed new performing arts center will provide enhanced artistic and educational opportunities for all of the citizens of the City,and such facility will substantially contribute to the City's quality of life and economic prosperity; and WHEREAS,the costs of the proposed performing arts facilities,including the operation and maintenance cost of a new performing arts center and costs in connection with certain City and/or Colorado State University("CSU") performing arts facilities, are proposed to be funded by an increase in the City's sales and use tax rate on all taxable items except food for a twenty(20)year period commencing January 1,2002;and WHEREAS, due to the immediacy of the need and the length of time required to design and construct a new performing arts center,City sales and use tax revenue bonds should be issued in order to allow design and construction of such facility to commence as soon as possible. NOW,THEREFORE,BE IT ORDAINED AS FOLLOWS: SECTION 1. That City debt shall be increased by not more than$41,500,000,with a repayment cost of not more than$86,000,000 total principal and interest,by the issuance of sales and use tax revenue bonds in a principal amount of$41,500,000 payable from the City's sales and use taxes, including proposed increases therein, and other legally-available funds (the `Bonds"). The Bonds shall be issued, dated and sold at such time or times as may be necessary and prudent to effect the provisions of this Ordinance, and the Bonds shall mature, bear interest and be callable for redemption prior to maturity,with or without a premium,as may be determined by the City Council in such ordinances. SECTION 2. That the proceeds of the Bonds,together with investment earnings thereon,shall be used to finance and/or refinance the acquisition, design, construction, reconstruction, installation, and equipment of a new performing arts center,with a building footprint of approximately 125,000 square feet located on Block 31,City of Fort Collins,including an approximately 2,200-seat main theater and an approximately 400-seat theater,a visual arts gallery, space for community meetings and classrooms and site improvements, including on-site parking spaces (the "New Performing Arts Center"), at an approximate design and construction cost of$38,905,000 excluding the anticipated $6,000,000 of private funding,and upon conclusion of satisfactory contractual arrangements between the City and CSU, improvements to certain theaters in the CSU Center for the Arts to accommodate joint use with the City at an approximate cost of$1,000,000,together with any other necessary properties,facilities and costs. Nothing herein shall prevent the City Council from enhancing the scope or design of the New Performing Arts Center, including the provision of off-site parking facilities,or increasing the cost thereof,unless such enhancement or increase in cost would impair the City's ability to fully fund all of the components of the New Performing Arts Center as described herein. SECTION 3. That any earnings from the investment of such proceeds may be collected and expended for the purposes specified herein, notwithstanding any limitation or condition contained in Article X, Section 20 of the Colorado Constitution or any other law,and without limiting the collection or spending of any other revenues or funds by the City under Article X, Section 20 of the Colorado Constitution or any other law. SECTION 4. That this Ordinance is contingent upon the concurrent passage by the voters of a citizen- initiated or City Council-referred ordinance authorizing an additional twenty-nine one-hundredths percent(0.29%)City sales and use tax(i.e. 290 on a$100 purchase)to fund the costs of performing arts, library and museum facilities. If such concurrent citizen-initiated or City Council-referred ordinance does not pass,this Ordinance,even if approved by the voters, shall not become effective. Section 2. That the foregoing proposed citizen-initiated ordinance is hereby submitted to the registered electors of the City of Fort Collins at said special municipal election in substantially the following form: CITY OF FORT COLLINS BALLOT ISSUE_ PROPOSED CITIZEN-INITIATED ORDINANCE NO. 2,2001 SHALL CITY OF FORT COLLINS DEBT BE INCREASED BY NOT MORE THAN$41,500,000 IN PRINCIPAL AMOUNT, WITH A REPAYMENT COST OF NOT MORE THAN$86,000,000 TOTAL PRINCIPAL AND INTEREST, BY THE ISSUANCE OF SALES AND USE TAX REVENUE BONDS, PAYABLE FROM THE CITY'S SALES AND USE TAXES, INCLUDING PROPOSED INCREASES THEREIN, AND OTHER LEGALLY AVAILABLE FUNDS, THE PROCEEDS OF WHICH BONDS,TOGETHER WITH INVESTMENT EARNINGS THEREON, SHALL BE USED TO FINANCE AND/OR REFINANCE THE ACQUISITION,CONSTRUCTION AND INSTALLATION OF • A NEW PERFORMING ARTS CENTER, INCLUDING AN APPROXIMATELY 2,200-SEAT MAIN THEATER AND AN APPROXIMATELY 400-SEAT THEATER, A VISUAL ARTS GALLERY AND SPACE FOR COMMUNITY MEETINGS AND • IMPROVEMENTS TO THEATERS IN THE COLORADO STATE UNIVERSITY CENTER FOR THE ARTS TO ACCOMMODATE JOINT USE WITH THE CITY, TOGETHER WITH ANY OTHER NECESSARY OR INCIDENTAL PROPERTIES,FACILITIES AND COSTS, SUCH BONDS TO MATURE, BEAR INTEREST AND BE CALLABLE FOR REDEMPTION PRIOR TO MATURITY, WITH OR WITHOUT A PREMIUM, AS MAY BE DETERMINED BY THE CITY COUNCIL, SUCH BONDS TO BE ISSUED PURSUANT TO SUCH ORDINANCES OF THE CITY COUNCIL AS MAY BE NECESSARY AND PRUDENT TO EFFECT THE PROVISIONS HEREOF,AND IN CONNECTION THEREWITH SHALL THE CITY OF FORT COLLINS BE AUTHORIZED TO RECEIVE AND EXPEND SALES AND USE TAXES, OTHER LEGALLY AVAILABLE FUNDS AND INVESTMENT EARNINGS THEREON IN AMOUNTS EQUAL TO SUCH PRINCIPAL,INTEREST AND PREMIUM FOR THE PURPOSE OF PAYING THE SAME, NOTWITHSTANDING ANY APPLICABLE LIMITATION ON REVENUES AND EXPENDITURES, INCLUDING THE LIMITATIONS SET FORTH IN ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION, ALL IN ACCORDANCE WITH CITIZEN-INITIATED ORDINANCE NO. 2,2001? YES NO Passed and adopted at a regular meeting of the Council of the City of Fort Collins this 21 st day of August, A.D. 2001. Mayor ATTEST: lvc� City Clerk